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Theoretical notes on bubbles and the current crisis

Martin, Alberto; Ventura, Jaume - 2011

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...

Persistent link: https://www.econbiz.de/10011605394

Banks credit and productivity growth

Hassan, Fadi; di Mauro, Filippo; Ottaviano, Gianmarco I.P. - 2017

Financial institutions are key to allocate capital to its most productive uses. In order to examine the relationship between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping generations of entrepreneurs under complete and...

Persistent link: https://www.econbiz.de/10011606053

Waking up from the American dream: on the experience of young Americans during the housing boom of the 2000s

Laeven, Luc; Popov, Alexander - 2016

We exploit regional variations in house price fluctuations in the United States during the early to mid-2000s to study the impact of the housing boom on young Americans' choices related to home ownership, household formation, and fertility. We also introduce a novel instrument for changes in...

Persistent link: https://www.econbiz.de/10011605955

Tobin LIVES: Integrating evolving credit market architecture into flow of funds based macro-models

Duca, John; Muellbauer, John - 2013

After the global financial crisis, there is greater awareness of the need to understand the interactions between the financial sector and the real economy and hence the potential for financial instability. Data from the financial flow of funds, previously relatively neglected, are now seen as...

Persistent link: https://www.econbiz.de/10011605626

Financing constraints, employment, and labor compensation: evidence from the subprime mortgage crisis

Popov, Alexander; Rocholl, Jörg - 2015

This paper identifies the effect of financing constraints on firms’ labor demand. We exploit exogenous funding shocks to German savings banks during the US mortgage crisis that are unrelated to local conditions. We find that firms with credit relationships with affected banks experienced a...

Persistent link: https://www.econbiz.de/10011605866

Firms and the global crisis: French exports in the turmoil

Bricongne, Jean-Charles; Fontagné, Lionel; Gaulier, … - 2010

Global trade contracted quickly and severely during the global crisis. This paper, using a unique dataset of French firms, matching together export data with firm-level credit constraints, shows that most of the 2008-2009 trade collapse is accounted by the unprecedented demand shock and by...

Persistent link: https://www.econbiz.de/10011605291

Dynamic carbon emission management

Bustamante, Maria Cecilia; Zucchi, Francesca - 2024

firms to tilt towards more immediate yet transient types of green investment-such as abatement as opposed to innovation …-as it becomes costlier to comply. Green innovation subsidies mitigate this effect and complement carbon pricing in ensuring … innovation-driven sustainability. Perhaps surprisingly, we show that carbon regulation need not reduce firm value. …

Persistent link: https://www.econbiz.de/10014543594

Endogenous labor share cycles: theory and evidence

Growiec, Jakub; McAdam, Peter; Muck, Jakub - 2015

Based on long US time series we document a range of empirical properties of the labor’s share of GDP, including its substantial medium-run swings. We explore the extent to which these empirical regularities can be explained by a calibrated micro-founded long-run economic growth model with...

Persistent link: https://www.econbiz.de/10011605810

Endogenous Labor Share Cycles : Theory and Evidence

Growiec, Jakub - 2015

Based on long US time series we document a range of empirical properties of the labor's share of GDP, including its substantial medium-run swings. We explore the extent to which these empirical regularities can be explained by a calibrated micro-founded long-run economic growth model with...

Persistent link: https://www.econbiz.de/10013026218

Liquidity, innovation, and endogenous growth

Malamud, Semyon; Zucchi, Francesca - 2016

We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing … spur investment in innovation (R&D). We characterize which firms should substitute production for innovation in the face of …

Persistent link: https://www.econbiz.de/10011605964